Latest news with #VikramRSingh
Gulf Today
2 days ago
- Business
- Gulf Today
Crypto exchanges eye Dubai, HK as Singapore clampdown prompts exodus
Major digital-asset exchanges are considering moves to Dubai and Hong Kong after Singapore introduced stringent new rules on overseas crypto activity, according to an executive based in the UAE's International Free Zone Authority (IFZA). Last month the Monetary Authority of Singapore ordered any crypto-services provider incorporated in the city-state and serving foreign clients to obtain a Digital-Token Service Provider licence by June 30, 2025 or cease those activities. Non-compliance could incur fines of up to SGD 250,000 (Dhs 734,500) and three years' imprisonment, with no grace period or 'small-player' exemption. 'This is effectively a moratorium on fresh licences, hence the migration -- or crypto exodus,' said Vikram R Singh, founder and chief executive of blockchain consultancy Antier, which recently expanded its operations in IFZA Dubai. While Singapore 'tightens the screws', Singh noted that the UAE has spent three years building a dedicated rule-book for digital assets. Consultancy Sumsub estimates the country attracted US$30 billion in crypto investment during 2024, a regional record. Individual investors in the UAE pay no income or capital-gains tax on crypto profits, and companies in free zones can often reduce the new 9% federal corporate tax to near zero if most business is conducted outside the Emirates. Regulation is flexible too. Federal bodies supervise mainland activity, but free-zone regulators in Dubai, the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) run their own crypto frameworks, allowing founders to 'pick the regulator that fits the business model', Singh added. Dubai's credentials were underscored in April when TOKEN2049 drew about 15,000 delegates from 4,000 companies -- the world's largest crypto gathering. Local capital is also flowing: Emirates NBD's Liv digital bank and Abu Dhabi's MGX fund are backing plans for a 30-storey 'Crypto Tower' in the Dubai Multi Commodities Centre. The Dubai Financial Services Authority has recently issued guidance on tokenised securities and real-world assets, paving the way for wider institutional adoption. Antier says it is already working with UAE partners to build tokenised-asset marketplaces aligned with the emirate's digital-asset strategy. 'Dubai's proactive stance perfectly matches our real-world-asset tokenisation and digital-asset trading infrastructure,' Singh said. 'As tokenisation reshapes global finance, we intend to provide the bridge between traditional markets and Web3.' With Singapore's stricter rules now in force, observers expect licence-seeking crypto firms to relocate to Dubai, reinforcing the emirate's ambition to become a leading global hub for digital assets.
Gulf Today
2 days ago
- Business
- Gulf Today
Crypto exchanges eye Dubai, HK as Singapore clampdown prompts exodus
Major digital-asset exchanges, including Bitget and Bybit, are considering moves to Dubai and Hong Kong after Singapore introduced stringent new rules on overseas crypto activity, according to an executive based in the UAE's International Free Zone Authority (IFZA). Last month the Monetary Authority of Singapore ordered any crypto-services provider incorporated in the city-state and serving foreign clients to obtain a Digital-Token Service Provider licence by June 30, 2025 or cease those activities. Non-compliance could incur fines of up to SGD 250,000 (Dhs734,500) and three years' imprisonment, with no grace period or 'small-player' exemption. 'This is effectively a moratorium on fresh licences, hence the migration -- or crypto exodus,' said Vikram R Singh, founder and chief executive of blockchain consultancy Antier, which recently expanded its operations in IFZA Dubai. While Singapore 'tightens the screws', Mr Singh noted that the UAE has spent three years building a dedicated rule-book for digital assets. Consultancy Sumsub estimates the country attracted $30 billion in crypto investment during 2024, a regional record. Individual investors in the UAE pay no income or capital-gains tax on crypto profits, and companies in free zones can often reduce the new 9% federal corporate tax to near zero if most business is conducted outside the Emirates. Regulation is flexible too. Federal bodies supervise mainland activity, but free-zone regulators in Dubai, the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) run their own crypto frameworks, allowing founders to 'pick the regulator that fits the business model', Mr Singh added. Dubai's credentials were underscored in April when TOKEN2049 drew about 15,000 delegates from 4,000 companies -- the world's largest crypto gathering. Local capital is also flowing: Emirates NBD's Liv digital bank and Abu Dhabi's MGX fund are backing plans for a 30-storey 'Crypto Tower' in the Dubai Multi Commodities Centre. The Dubai Financial Services Authority has recently issued guidance on tokenised securities and real-world assets, paving the way for wider institutional adoption. Antier says it is already working with UAE partners to build tokenised-asset marketplaces aligned with the emirate's digital-asset strategy. 'Dubai's proactive stance perfectly matches our real-world-asset tokenisation and digital-asset trading infrastructure,' Mr Singh said. 'As tokenisation reshapes global finance, we intend to provide the bridge between traditional markets and Web3.' With Singapore's stricter rules now in force, observers expect licence-seeking crypto firms to relocate to Dubai, reinforcing the emirate's ambition to become a leading global hub for digital assets. Related image link Vikram R Singh, chief executive of blockchain consultancy Antier Solutions
Khaleej Times
3 days ago
- Business
- Khaleej Times
Dubai is becoming Crypto's new playground as Singapore tightens regulations
Dubai is fast emerging as a magnet for global cryptocurrency players as regulatory tightening in Singapore prompts a new wave of digital asset firms to relocate to more business-friendly jurisdictions. A growing number of exchanges, including Bitget and Bybit, are actively exploring Dubai and Hong Kong as alternative hubs after Singapore introduced sweeping new restrictions on overseas crypto activity. The Monetary Authority of Singapore (MAS) announced last month that all crypto service providers incorporated in the city-state and serving international clients must obtain a Digital-Token Service Provider licence by June 30, 2025. Those who fail to comply could face fines of up to SGD 250,000 (Dh734,500) and three years in prison. With no grace period or exemptions for smaller players, the directive has triggered what industry insiders are calling a "crypto exodus." 'This is effectively a moratorium on fresh licences, hence the migration,' said Vikram R Singh, CEO of blockchain consultancy Antier, which recently expanded its operations to IFZA (International Free Zone Authority) in Dubai. 'Singapore is tightening the screws, while Dubai is opening the door wider.' The UAE's approach to digital assets offers a stark contrast. Over the past three years, the country has developed a comprehensive regulatory framework for cryptocurrencies, earning the confidence of global players seeking predictability, innovation, and favourable tax regimes. According to global compliance consultancy Sumsub, the UAE attracted crypto investments worth more than $30 billion in 2024 alone, marking a new regional high. A major draw for both individual investors and companies is the UAE's tax structure. There is no income or capital gains tax on crypto profits for individuals, while corporate entities operating from free zones can reduce the newly introduced 9 per cent federal corporate tax to virtually zero if their revenues are generated outside the country. Moreover, unlike many jurisdictions where regulatory oversight is centralised, the UAE offers multiple regulatory options. While federal authorities oversee crypto activities on the mainland, independent frameworks are administered by free-zone regulators in Dubai, the Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM), and IFZA. 'This multi-regulator environment allows founders to pick the oversight that best fits their business model,' Singh said, describing the UAE as 'possibly the most pragmatic and adaptive crypto jurisdiction in the world right now.' Dubai's credentials as a crypto hub received a major boost in April when TOKEN2049, the world's largest crypto event, attracted nearly 15,000 delegates from more than 4,000 companies. The event showcased the emirate's growing influence in the blockchain and digital finance space, supported by strong public-private collaboration. Notably, local capital is also backing infrastructure to support the industry's growth. Emirates NBD's Liv digital bank and Abu Dhabi's MGX fund are jointly funding the development of a 30-storey 'Crypto Tower' in the Dubai Multi Commodities Centre (DMCC), which will house crypto startups, accelerators, and venture firms. Dubai regulators are also taking steps to prepare the financial system for the next wave of digital transformation. The Dubai Financial Services Authority (DFSA) recently issued fresh guidance on tokenised securities and real-world assets, a move seen as paving the way for greater institutional adoption. Singh said Antier is already collaborating with UAE partners to launch marketplaces for tokenised assets, aligned with the country's digital economy strategy. 'Dubai's proactive stance perfectly matches our infrastructure for real-world asset tokenisation and digital asset trading,' Singh said. 'As tokenisation reshapes global finance, we intend to provide the bridge between traditional markets and Web3.' Experts believe that Singapore's clampdown will only accelerate Dubai's ascent in the crypto ecosystem. Already home to major players like Binance, and OKX, Dubai continues to position itself as a global centre for blockchain innovation, digital finance, and tokenised markets. What sets the emirate apart is its balance of regulatory clarity and entrepreneurial freedom. While ensuring robust compliance mechanisms, Dubai encourages experimentation and growth through regulatory sandboxes and innovation-friendly policies. The Virtual Assets Regulatory Authority (VARA), launched in 2022, has been central in creating a structured yet welcoming ecosystem for digital asset firms. As more global crypto firms seek regulatory certainty and operational efficiency, Dubai's blend of infrastructure, investment climate, and strategic geographic location is proving to be an irresistible combination. With Singapore tightening its regulatory perimeter and other jurisdictions still catching up, Dubai appears poised to solidify its position as the world's next crypto capital.
